• Market Update

    Posted on March 17, 2017 by Gemmer Asset

      Now this is something we haven’t see for a while – a marked underperformance in the S&P 500. For the week the S&P inched out a +0.2% gain versus +2% to +4% gains for the overseas markets. A weak dollar certainly helped turn the tide, as did growing confidence the Fed would not undermine the global economy in the months to come.   Bond yields fell and bond prices rallied right after Wednesday’s Fed…
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  • Market Update

    Posted on March 4, 2017 by Gemmer Asset

      Market Summary   Some pretty large point moves this week but we didn’t go very far very fast. Large-cap stocks were up with the S&P gaining +0.7%, but small-caps were off -0.1%. Europe and Japan performed well (+2.3% and +1.0% respectively) but emerging lost -0.7%.   The market story of the week was the pop higher in bond yields and the dollar. The yield on the 10-year added 17bps while the 2-year was also…
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  • Market Update

    Posted on February 17, 2017 by Gemmer Asset

      Another decent week for the equity markets.  All the major indexes were in the black for the last five days, and in a way this advance is bullet proof.  It almost doesn’t matter the headline, equities move upwards.  Take the tech sectors.  It is up 13 consecutive days – the longest winning streak since 1989 (chart below).     Impressive stuff, but at some point this buying stampede will exhaust itself and we will…
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  • Market Update

    Posted on February 3, 2017 by Gemmer Asset

      Equity markets rallied on Friday to push the U.S. indexes into the black for the week.  Both the  S&P 500 and small-cap equity index added +0.1% while the international markets generally outperformed.  Friday’s rally also pushed the Dow above 20K for the second week running.  John Authers at the Financial Times pointed out that since the election Goldman Sachs has been the best performing stock (up close to 40%).  Walmart is the worst.  Very…
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  • Market Update

    Posted on January 27, 2017 by Gemmer Asset

      Round numbers are a funny thing.  Dow 20,000 gets a lot of attention, but it’s just another number.  Thresholds such as this do mark progress, to some extent.  Just consider other round numbers for the Dow:   Dow 1,000      –           November 14, 1972 Dow 5,000      –           November 21, 1995 Dow 10,000    –           March 29, 1999 Dow 15,000    –           May 7, 2013   We had that Dow 10,000 hanging around for a long time!!  …
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  • Market Update

    Posted on January 6, 2017 by Gemmer Asset

      Not a bad start to the year with most major asset classes positive for the week. The S&P added +1.7% while the small-cap Russell 2000 advanced +0.7%. International stocks also performed well. The developed EAFE Index was up +2.3% while emerging equities gained +2.6%. Japan added +3.3% and China gained +3%.   Bond yields corrected lower after the rapid move higher late last year. The yield on the 10-year dipped to 2.42%, while intermediate-term…
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  • Market Update

    Posted on December 16, 2016 by Gemmer Asset

      The equity markets took some time off this week from their post-election party to ponder the Federal Reserve once again. And while large-cap US equities were content to finish flat on the week, other sectors of the market weren’t too excited about what they heard. The Fed raised rates as expected and said they would like to hike rates three times next year, not twice. On this news the dollar shot higher and assets…
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  • Market Update

    Posted on November 18, 2016 by Gemmer Asset

      The last couple weeks will almost certainly go down in the history books for a number of reasons.  The election appears to mark a sea change in a number of political and economic areas, and the market trends since November 8th partially reflect this.  Just take a look at the post-election performance for a number of asset classes. Basically, interest rates shot higher right after the election and anything interest sensitive was hit hard,…
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  • Market Update

    Posted on November 4, 2016 by Gemmer Asset

      It was a rough week for the global equity markets as jitters about the election and upcoming Fed hikes settled in. The S&P closed down -1.9% for the week and has now suffered through the longest consecutive losing streak since the eight-session slide ending October 10, 2008. Back then, though, the slide was -23% before the market bounced +12% after global central banks cut interest rates to try and prop up the system. This…
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  • Market Update

    Posted on October 21, 2016 by Gemmer Asset

      It was a positive week for the equity markets with the S&P gaining +0.3% while developed equities added +0.7%. Japan added +2.0% while Germany and France were up +1.2% and +1.5% respectively. Emerging equities also did well with a +1.9% gain. Commodity prices were fractionally higher while bond yields ticked lower. The yield on the 10-year fell from 1.79% to 1.74% and intermediate-term bonds gained +0.4% for the week. The most notable move in…
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